ISTANBUL 

A judge Monday rejected a legal attempt to force the US Federal Reserve to open its upcoming interest rate meeting to public scrutiny, financial news channel CNBC reported.

Judge Beryl Howell ruled the Federal Open Market Committee is not a government agency subject to the federal "Sunshine Act" requiring open meetings. The committee regularly meets behind closed doors to discuss and set interest rates.

US investment firm Azoria Capital filed the lawsuit seeking to compel Fed Chair Jerome Powell and the committee to allow public access to the policy-setting meeting. James Fishback, the CEO of Azoria, is an ally of US President Donald Trump, who has often expressed dissatisfaction with the Fed’s interest rate decisions.

The committee is set to meet on Tuesday and Wednesday and is expected to maintain the current federal funds rate between 4.25% and 4.50%.

Its meetings remain closed, though key decisions and explanations are released afterward through official statements and press conferences.

Investors are watching the Fed's upcoming interest rate decision, with analysts expecting it to hold rates steady.

Trump pressures Fed to cut rates

The court ruling comes amid Trump's active campaign pushing Powell to sharply cut interest rates to stimulate economic growth. Trump wants rates lowered from the current 4.25%-4.50% range to around 1%.

Trump has criticized Powell for keeping rates high, arguing rates are "AT LEAST 3 Points too high" and frequently publicly insulting him.

Trump visited Fed headquarters on Thursday, inspecting a renovation project and clashing with Powell over costs.

Despite pressure, the Fed has maintained the current rate range since last December.